We don't actually know how well the cards of either vendor are selling. Thus far, every die that either vendor can procure is going onto a card and being sold, and lineups of both are widely out of stock and pumped well above MSRP. There are no stacks of unsold GeForce or Radeons sitting around anywhere. Current sales volumes are more down to who is getting more dies from TSMC than actual popularity, as supply is far, far behind demand.
The more I think about it, the more I can only conclude that the current MSRPs are a bold-faced lie. I don't think AMD and Nvidia are being realistic about prices, in a post-tariffs world. And I'm not saying the tariffs are good or bad, but they are real. I get that the goal is to bring a lot of production out of China (and Asia, and Mexico, and... you get the point) but that will take some time to happen. And the net result will likely still be higher prices.
If AMD and Nvidia use the Arizona TSMC facility as an example, and it costs 20% more to do that? Well, if tariffs are 30%, it's a net 10% difference, but it's still 20% higher than the "fake MSRPs" that were set at launch. But let's just use the 30% for tariffs for a moment. (I think that's a reasonable estimate: 10% in January, then another 10%, and Mexico and Canada also got 25%, right? Whatever, it's not going to be 100% accurate data below, but let's continue...)
I've heard that some AIBs asked AMD/Nvidia to change MSRPs, but it didn't happen because "it would look bad" or something along those lines. If I were a business making a product and it costs $100 to make and sells for $200 at retail, that means maybe I charge $125 to a distributor, who charges $ 156 to a retail store, who then sells it to a customer for $195. We're all making 25% margins. If my costs then suddenly jump to $130? I'm not going to keep selling the part for $125. I'm going to increase that to at least $156 (and cut my margins to 20%). And let's say the distributors and retail stores do the same. So the distributor now charges $187, and the retail price increases to $225.
Now, let's just take those same 20% margins and try to apply it to graphics cards. AMD and Nvidia make a GPU and it costs them $300 (including memory). They sell that to an AIB for $360. The AIB adds $150 in cooling and PCB and such ($510 BOM), and sells the card to a distributor for $612, and then the distributor sells it to a retailer for $734 and the final retail price ends up at $880. That's a "healthy" profit margin, but the market probably won't support that. So cut the margins to 10%.
AMD/Nvidia make a GPU that costs $300 (again, including VRAM that they buy). They sell to an AIB for $330. AIB still adds $150 in PCB/etc. costs to get to $480. Sells to distributor for $528, who sells to retailer for $580, who sells at retail for $639. That's probably at least reasonably close to where the 5070 and 9070 land right now. And it's why $549 isn't actually a viable MSRP.
Now let's say the base price of the chip and VRAM increases by 30% because of tariffs. Now it costs $390 to make, and gets sold to AIBs at $429. Add in $150 plus 30% tariffs again and that takes the card to $624! Distributor pays $686 and retailer pays $755 and the customer pays $830. Oops. So much for that $549 MSRP!